J.P. Morgan initiated coverage of Ezion Holdings Ltd with an 'overweight' rating and a target price of S$1.60, saying the company owns the largest and most sophisticated class of liftboats in the world and is one of the first to promote their usage in Asia and the Middle East. Ezion shares were up 1.2 percent at S$1.275 on Monday. The stock has nearly doubled so far this year, versus the 23 percent gain in the FT ST Small Cap Index. Increased offshore construction activities and ageing platforms are likely to drive demand for liftboats, J.P.Morgan said, adding that $1.3 billion worth of charters will drive a 33 percent earnings per share compound annual growth rate for Ezion. The proceeds from Ezion's issue of perpetual securities can also be used for an additional 3-5 liftboat contracts to be announced over the next 3-6 months, J.P. Morgan said. It added that Ezion is wel...